Zohran Mamdani introduces pied-a-terre tax; what did New York mayor say on taxing the rich — ‘Will raise $500 million’
Mint·2h ago·Neutral
What Happened
New York City Mayor Zohran Kwame Mamdani announced a pied-à-terre tax on April 15, 2026, targeting luxury properties worth over $5 million owned by non-residents. The annual fee affects approximately 13,000 units across five boroughs. The mayor projects the tax will generate at least $500 million for infrastructure, childcare, public transit, and neighborhood improvements. The tax targets wealthy individuals who own secondary residences but do not live in the city full-time.
Key Entities
Zohran Kwame MamdaniNew York CityPied-à-terre taxKen Griffin$500 million13,000 units